The marginal cost curve crosses
a. both the average total cost and average variable cost curves at their respective minimum points
b. the average total cost curve at its minimum point, and the average variable cost curve at its maximum point
c. the average total cost curve and the average variable cost curves at the same output level
d. both the average total cost and average variable cost curves at their respective maximum points
e. the average total cost curve at its maximum point, and the average variable cost curve at its minimum point
A
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A single-price monopoly faces a linear demand curve. If the marginal revenue for the second unit is $20, then the marginal revenue for the
A) first unit is less than $20. B) third unit is less than $20. C) third unit is more than $20. D) third unit is also $20. E) more information is needed to determine if the marginal revenue for the third unit is more than, less than, or equal to $20.
A production possibilities frontier with a bowed-outward shape indicates
A) the possibility of inefficient production. B) increasing opportunity costs as more and more of one good is produced. C) decreasing opportunity costs as more and more of one good is produced. D) constant opportunity costs as more and more of one good is produced.
Who is hurt and who benefits from inflation? Why?
Which of the following causes the aggregate production function to shift up?
A) An increase in capital stock B) A decrease in the productivity of workers C) An increase in the total efficiency units of labor D) An improvement in technology